OpenOcean’s integration with Chainlink Keepers.
The DeFi movement has shown tremendous growth in the past years, even the last few months has witnessed innovations from all corners. OpenOcean has not been left out of the action as they continually strive to be up-to-date and top of the game.
One of the upgrades OpenOcean has been working on lately is providing their users with limit order functionality, as well as introducing some trading tools from their new SaaS product for intelligent wealth management like automated arbitrage strategies and grid trading. All of these are just to ensure that users on the OpenOcean platform get only the best.
For the uninitiated, let us dive a bit into what limit orders are. Limit orders enable traders to place buy orders for any asset at their desired price, which are automatically carried out only if the specified conditions are met. With this tool, you don’t have to constantly monitor price fluctuations to find the right price to buy or sell, just set the limit order for the price you want to buy or sell in and the order is automatically activated once the desired price is reached. Limit orders are useful for specialized DeFi trading because they allow traders to place orders based on strategies that can be stopped or changed at any time during the pending levels. As a result of this process, traders will be able to successfully manage their portfolios and hedge against volatility.
To deliver this new upgrade, OpenOcean is integrating Chainlink Keepers ! That’s right, OpenOcean will be collaborating with Chainlink Keepers to enable a safe and dependable limit order functionality that for now will support BSC and then more networks as time goes on.
Chainlink is widely recognized as the industry standard for developing, accessing, and selling oracle services required to power hybrid smart contracts on any blockchain. Chainlink oracle networks enable smart contracts to connect to any external API while also leveraging secure off-chain computations to enable feature-rich applications.
For the purpose of executing these limit order swaps, Chainlink Keepers will utilize decentralized off-chain computation to keep an eye on asset prices. When asset prices exceed the predefined thresholds set by users' limit orders, Chainlink Keepers will contact the OpenOcean smart contract in charge of limit orders. When called, the OpenOcean smart contract will check Chainlink Price Feeds to see if certain price points were crossed, and if so, the limit order trade will be executed on behalf of users.
Why Chainlink Keepers ?
For one, Chainlink Keepers are managed by the same professional DevOps teams that have a proven track record of providing high reliability to Chainlink Price Feeds during periods of high network congestion and market volatility. With this in mind, you can see that OpenOcean will have nothing to worry about when the market fluctuations are quite intense because their users will be covered by the systems Chainlink has in place.
Furthermore, Chainlink Keepers has several features all geared towards optimising gas fees so as to reduce the costs of automating maintenance tasks for users, features like a rotating node selection process to prevent gas price auction wars and stabilize costs.
Lastly, Chainlink Keepers undertake off-chain computations and produce calldata verifiable by smart contracts, this allows developers to create advanced, trust-less dApps at a significantly lower cost.
With this integration, OpenOcean solidifies their claim to making the user experience on their platform a seamless one. Users won’t have to worry about missing opportunities during price fluctuations. This is only just the beginning of the exciting events that OpenOcean has lined up for the year so get ready !
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